Her Majesty may grant an estate in fee simple absolute in possession out of demesne land to Herself.

The grant of an estate under subsection (1) is to be regarded as not having been made unless an application under section 3 is made in respect of the estate before the end of the period for registration.

The period for registration is two months beginning with the date of the grant, or such longer period as the registrar may provide under subsection (4).

If on the application of Her Majesty the registrar is satisfied that there is a good reason for doing so, he may by order provide that the period for registration ends on such later date as he may specify in the order.

If an order under subsection (4) is made in a case where subsection (2) has already applied, that application of the subsection is to be treated as not having occurred.